CFPA proposal is losing support in Senate committee, sources say

01/13/2010 | Reuters

Analysts and industry insiders said the White House's proposal to establish the Consumer Financial Protection Agency is quickly losing support in the U.S. Senate banking committee. Committee members are considering making the entity a division of a regulator for systemic risk rather than a separate agency. "My sense is that it will probably get watered down in the Senate ... The Senate always waters down what the House does. I don't think this will be any exception," said Greg Valliere, policy analyst at Soleil Securities.

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